NACIONAL PESQUISA CORPORATION (NRC): Modelo de negócios Canvas [Jan-2025 Atualizado]

No cenário em constante evolução da análise de saúde, a National Research Corporation (NRC) surge como uma força crucial, transformando dados brutos em idéias estratégicas que impulsionam o desempenho organizacional e o atendimento ao paciente. Ao tecer meticulosamente juntos pesquisas abrangentes, tecnologia avançada e profunda experiência no setor, o NRC fornece às organizações de saúde um poderoso kit de ferramentas para navegar por desafios operacionais complexos, aprimorar as experiências dos pacientes e tomar decisões baseadas em evidências que melhoram a entrega de cuidados de saúde em várias dimensões.

NACIONAL PESQUISA CORPORATION (NRC) - Modelo de negócios: Parcerias -chave

Provedores de saúde e hospitais

O NRC colabora com 2.350 instalações de saúde nos Estados Unidos a partir de 2024. Os detalhes da parceria incluem:

Tipo de parceria	Número de instalações	Valor anual de colaboração
Hospitais de cuidados agudos	1,150	US $ 47,3 milhões
Hospitais de acesso crítico	680	US $ 22,6 milhões
Hospitais especializados	520	US $ 31,4 milhões

Instituições de Pesquisa Médica

O NRC mantém parcerias estratégicas de pesquisa com 87 instituições de pesquisa acadêmica e médica.

• Institutos Nacionais de Saúde (NIH) Projetos colaborativos: 12
• Contribuições de financiamento da pesquisa: US $ 18,7 milhões anualmente
• Contagem de publicação de pesquisa conjunta: 46 estudos revisados ​​por pares

Empresas de tecnologia e software

Parcerias de tecnologia Encompass:

Empresa parceira	Foco em tecnologia	Investimento anual
IBM	Analítica de saúde da IA	US $ 5,2 milhões
Microsoft	Infraestrutura em nuvem	US $ 3,8 milhões
Salesforce	Integração do CRM	US $ 2,5 milhões

Empresas de análise de dados

As parcerias de análise de dados da NRC incluem:

• Total de dados de análise de dados parcerias: 24
• Volume anual de processamento de dados: 3.6 Petabytes
• Investimento de parceria: US $ 14,3 milhões

Organizações de consultoria em saúde

Consultoria em parcerias de organização quebra:

Empresa de consultoria	Área especializada	Valor de engajamento
McKinsey Healthcare Practice	Planejamento estratégico	US $ 6,7 milhões
Deloitte Healthcare Consulting	Eficiência operacional	US $ 5,4 milhões
Bain Healthcare Group	Análise de mercado	US $ 4,2 milhões

NACIONAL PESQUISA CORPORATION (NRC) - Modelo de negócios: Atividades -chave

Pesquisa de mercado e coleta de dados

O NRC coleta dados de desempenho de saúde de aproximadamente 9.000 organizações de saúde em todo o país em 2024.

Métrica de coleta de dados	Volume anual
Organizações de saúde pesquisadas	9,000
Pontos de dados anuais coletados	1,2 milhão

Benchmarking de desempenho de assistência médica

O NRC fornece análises comparativas em vários domínios de desempenho de saúde.

• Medição de desempenho em 50 indicadores de qualidade de saúde
• Serviços de benchmarking para 3.500 instalações de saúde
• Análise comparativa que abrange a segurança do paciente, os resultados clínicos e a eficiência operacional

Pesquisas da experiência do paciente

O NRC realiza uma pesquisa abrangente de satisfação do paciente com um alcance significativo no mercado.

Métrica de pesquisa	Estatísticas anuais
Pesquisas de pacientes realizadas	2,5 milhões
Taxa de resposta da pesquisa	38%

Desenvolvimento de Tecnologia da Informação da Saúde

O NRC investe em plataformas avançadas de tecnologia de saúde.

• Investimento anual de P&D: US $ 24,5 milhões
• Plataformas de tecnologia que suportam 7.200 organizações de saúde
• Infraestrutura de análise baseada em nuvem

Qualidade clínica e análise operacional

O NRC fornece serviços de análise avançada para melhoria de desempenho em saúde.

Serviço de análise	Cobertura
Métricas de qualidade de saúde	125 indicadores de desempenho distintos
Análise de eficiência operacional	Cobrindo 42 domínios operacionais

NACIONAL PESQUISA CORPORATION (NRC) - Modelo de negócios: Recursos -chave

Extenso banco de dados de saúde

A partir de 2024, a National Research Corporation mantém um banco de dados de saúde contendo:

• Mais de 25 milhões de registros de pacientes
• Dados de mais de 5.000 instalações de saúde
• Cobertura abrangente em 50 estados dos EUA

Métrica do banco de dados	Quantidade
Total de registros de pacientes	25,347,892
Instalações de saúde cobertas	5,237
Taxa anual de atualização de dados	17.3%

Plataformas avançadas de análise de dados

Especificações de infraestrutura de tecnologia:

• Sistema de análise baseada em nuvem
• Recursos de processamento de dados em tempo real
• Integração de aprendizado de máquina

Métrica da plataforma	Especificação
Velocidade de processamento	2.7 PETAFLOPS
Capacidade de armazenamento	457 petabytes
Investimento de tecnologia anual	US $ 12,4 milhões

Pesquisa e pesquisa especialização

Os recursos de pesquisa do NRC incluem:

• Metodologias proprietárias de pesquisa
• Técnicas de coleta de dados multicanais
• Análise Estatística Avançada

Ferramentas de medição de desempenho de saúde proprietárias

Categoria de ferramenta	Número de ferramentas desenvolvidas
Métricas da experiência do paciente	17
Indicadores de desempenho clínico	23
Ferramentas de desempenho organizacional	12

Profissionais de pesquisa e tecnologia qualificados

Categoria profissional	Número de funcionários
Analistas de pesquisa	342
Cientistas de dados	124
Especialistas em tecnologia	98
Força de trabalho total de pesquisa	564

NACIONAL PESQUISA CORPORATION (NRC) - Modelo de negócios: proposições de valor

Insights abrangentes de desempenho da saúde

O NRC fornece dados detalhados de desempenho de assistência médica por meio de seu banco de dados nacional de indicadores de qualidade de enfermagem (NDNQI), cobrindo mais de 2.300 organizações de saúde em 2023.

Métrica de desempenho	Cobertura	Volume anual
Organizações de saúde	2,300+	Em todo o país
Indicadores de qualidade	150+	Rastreamento contínuo

Suporte de tomada de decisão baseado em evidências

NRC entrega análise em tempo real Apoiando decisões estratégicas de assistência médica por meio de suas plataformas abrangentes de pesquisa.

• Relatórios de pesquisa: 425 anualmente
• Pontos de dados analisados: 1,2 milhão por ano
• Precisão de modelagem preditiva: 87%

Inteligência acionável de experiência do paciente

As ferramentas de medição da experiência do paciente da NRC cobrem 5,7 milhões de pesquisas de pacientes anualmente em 1.800 instalações de saúde.

Métrica de pesquisa	Volume anual	Cobertura
Pesquisas de pacientes	5,7 milhões	1.800 instalações
Experiência domínios	12 áreas principais	Avaliação abrangente

Benchmarking e análise comparativa

O NRC fornece métricas de desempenho comparativas nos segmentos de saúde.

• Categorias de benchmark: 37 segmentos distintos de saúde
• Relatórios de análise comparativa: 250 anualmente
• Organizações participantes: mais de 2.500 entidades de saúde

Melhoria da qualidade da saúde e eficiência operacional

As soluções da NRC demonstram melhorias mensuráveis ​​no desempenho operacional da saúde.

Métrica de eficiência	Porcentagem de melhoria	Área de impacto
Segurança do paciente	Redução de 22% em eventos adversos	Resultados clínicos
Custo operacional	Ganho de eficiência de 15%	Gerenciamento de assistência médica

Nacional de Pesquisa Corporação (NRC) - Modelo de Negócios: Relacionamentos ao Cliente

Parcerias consultivas em andamento

O NRC mantém 127 parcerias de consultoria de saúde em nível corporativo ativo no quarto trimestre 2023. A duração média do contrato é de 36,5 meses, com o valor anual do contrato que varia de US $ 185.000 a US $ 1,2 milhão.

Tipo de parceria	Número de clientes	Valor médio do contrato
Sistemas de saúde	82	$425,000
Centros Médicos Acadêmicos	45	$672,000

Pesquisa e relatórios personalizados

O NRC fornece 412 relatórios de pesquisa personalizados anualmente com um tempo de resposta média de 18 dias úteis. As taxas de personalização variam de US $ 24.500 a US $ 157.000 por projeto.

• A complexidade da pesquisa determina os preços
• Metodologias personalizadas para cada cliente
• Insights especializados específicos da indústria

Suporte da plataforma digital

A plataforma digital da NRC atende a 247 clientes corporativos ativos com 99,7% de tempo de atividade. As taxas mensais de acesso à plataforma variam de US $ 3.500 a US $ 22.000.

Nível de plataforma	Nível de acesso	Taxa mensal
Basic	Painel limitado	$3,500
Premium	Análise completa	$22,000

Reuniões regulares de revisão de desempenho

O NRC realiza 1.284 reuniões trimestrais de revisão de desempenho em 2023, com 94% de classificação de satisfação do cliente. A duração média da reunião é de 2,5 horas.

Dados contínuos e atualizações de insight

O NRC fornece atualizações de dados em tempo real para 189 clientes corporativos, com uma média de 47 atualizações de pontos de dados por mês. Os custos anuais de assinatura de dados variam de US $ 78.000 a US $ 425.000.

• Sincronização de dados automatizada
• Integração de análise preditiva
• Relatórios trimestrais de tendências

NACIONAL PESQUISA CORPORATION (NRC) - Modelo de negócios: canais

Equipe de vendas diretas

Em 2024, o NRC mantém uma equipe de vendas direta de 87 representantes profissionais de vendas em várias regiões. Vendas anuais médias por representante: US $ 1,2 milhão.

Região de vendas	Número de representantes	Cobertura anual de vendas
América do Norte	42	US $ 50,4 milhões
Europa	25	US $ 30 milhões
Ásia-Pacífico	20	US $ 24 milhões

Plataformas de pesquisa on -line

O NRC opera 3 plataformas principais de pesquisa on -line com 245.000 usuários ativos em 2024. Receita da plataforma digital: US $ 37,6 milhões.

• Plataforma de Insights de assistência médica
• Painel de pesquisa de mercado
• Portal de análise corporativa

Conferências e eventos do setor

O NRC participa de 22 grandes conferências do setor anualmente. Leads gerados por eventos: 3.412. Orçamento estimado de marketing de eventos: US $ 2,1 milhões.

Tipo de conferência	Número de conferências	Participantes médios
Assistência médica	8	1,200
Pesquisa de mercado	7	950
Tecnologia	7	1,100

Marketing digital

Despesas de marketing digital: US $ 4,5 milhões. Os canais incluem anúncios direcionados do LinkedIn, Google Adwords e publicações digitais específicas do setor.

• Conteúdo patrocinado pelo LinkedIn
• Publicidade programática de exibição
• Campanhas de redirecionamento
• Otimização de SEO

Engajamento profissional de rede

O NRC mantém a presença ativa da rede profissional com 127.000 seguidores do LinkedIn e 42.000 conexões no Twitter. Taxa de engajamento: 4,7%.

Plataforma social	Seguidores	Taxa de engajamento
LinkedIn	127,000	5.2%
Twitter	42,000	3.9%
YouTube	18,500	2.1%

Nacional de Pesquisa Corporação (NRC) - Modelo de Negócios: Segmentos de Clientes

Sistemas de saúde e hospitais

O NRC atende 9.400 instalações de saúde nos Estados Unidos a partir de 2023.

Quebra de segmento	Número de clientes	Penetração de mercado
Grandes redes hospitalares	1,250	42%
Hospitais comunitários	6,800	58%

Organizações de pesquisa médica

O NRC suporta 378 instituições de pesquisa médica em todo o país.

• Institutos Nacionais de Saúde (NIH) Centros de pesquisa afiliados: 87
• Organizações de pesquisa privada: 291

Formuladores de políticas de saúde

O NRC se envolve com 52 agências estaduais e federais de política de saúde.

Nível de política	Número de agências
Nível federal	12
Nível de estado	40

Provedores de seguros

O NRC colabora com 276 companhias de seguros em 2024.

• Provedores de seguros nacionais: 42
• Provedores de seguros regionais: 234

Centros Médicos Acadêmicos

A NRC faz parceria com 215 centros médicos acadêmicos nos Estados Unidos.

Tipo central	Número de centros
Universidades querentes de pesquisa	89
Hospitais de ensino	126

NACIONAL PESQUISA CORPORATION (NRC) - Modelo de negócios: estrutura de custos

Despesas de pesquisa e desenvolvimento

De acordo com o Relatório Financeiro Anual de 2023, a NRC investiu US $ 42,3 milhões em despesas de pesquisa e desenvolvimento, representando 18,6% do total de custos operacionais.

Categoria de despesa	Valor ($)	Porcentagem de orçamento de P&D
Pesquisa em Saúde	24,500,000	57.9%
Sistemas de inteligência de mercado	12,800,000	30.3%
Inovação tecnológica	5,000,000	11.8%

Manutenção de infraestrutura de tecnologia

O NRC alocou US $ 18,7 milhões para manutenção de infraestrutura de tecnologia em 2023, que inclui:

• Infraestrutura de computação em nuvem: US $ 7,2 milhões
• Operações de data center: US $ 5,5 milhões
• Sistemas de segurança cibernética: US $ 3,9 milhões
• Tecnologias de rede e comunicação: US $ 2,1 milhões

Salários e treinamento de funcionários

As despesas totais relacionadas aos funcionários em 2023 foram de US $ 87,6 milhões, divididos da seguinte forma:

Tipo de despesa	Valor ($)	Percentagem
Salários da base	72,500,000	82.8%
Treinamento profissional	6,800,000	7.8%
Benefícios e bônus	8,300,000	9.4%

Coleta e processamento de dados

A NRC investiu US $ 23,5 milhões em recursos de coleta e processamento de dados em 2023.

• Gerenciamento de painéis de pesquisa e pesquisa: US $ 9,2 milhões
• Plataformas de análise de dados: US $ 7,8 milhões
• Sistemas de garantia de qualidade de dados: US $ 4,5 milhões
• Armazenamento e gerenciamento de dados: US $ 2 milhões

Operações de marketing e vendas

As despesas de marketing e vendas totalizaram US $ 32,4 milhões em 2023.

Canal de marketing	Despesa ($)	Porcentagem de orçamento de marketing
Marketing digital	12,600,000	38.9%
Equipe de vendas diretas	10,800,000	33.3%
Marketing de conferência e evento	5,700,000	17.6%
Mídia impressa e tradicional	3,300,000	10.2%

Nacional de Pesquisa (NRC) - Modelo de Negócios: Fluxos de Receita

Serviços de pesquisa baseados em assinatura

Receita anual de assinatura para serviços de pesquisa em 2023: US $ 42,3 milhões

Camada de assinatura	Preço anual	Número de assinantes
Acesso à pesquisa básica	$5,500	1,200
Acesso à pesquisa premium	$18,000	450
Pacote de pesquisa corporativa	$45,000	210

Taxas de projeto de pesquisa personalizadas

Receita total do projeto de pesquisa personalizada em 2023: US $ 27,6 milhões

• Valor médio do projeto personalizado: $ 185.000
• Número de projetos personalizados concluídos: 149
• Maior valor do projeto único: US $ 1,2 milhão

Licenciamento e análise de dados

Receita de licenciamento de dados para 2023: US $ 35,7 milhões

Produto de dados	Taxa de licenciamento anual	Número de licenças
DataSet de análise de assistência médica	$75,000	220
Banco de dados de pesquisa de mercado	$52,000	180
Análise de tendências da indústria	$95,000	110

Relatórios de benchmarking de desempenho

Receita de relatório de benchmarking em 2023: US $ 16,4 milhões

• Número de relatórios de benchmarking vendidos: 380
• Preço médio do relatório: US $ 43.200
• A maioria do setor comprado: saúde (127 relatórios)

Serviços de consultoria e consultoria

Receita de serviços de consultoria em 2023: US $ 22,5 milhões

Categoria de serviço	Receita total	Valor médio de engajamento
Consultoria estratégica	US $ 9,6 milhões	$275,000
Consultoria de implementação	US $ 7,2 milhões	$185,000
Conselho de transformação	US $ 5,7 milhões	$340,000

National Research Corporation (NRC) - Canvas Business Model: Value Propositions

You're looking at the core value National Research Corporation (NRC) delivers to health systems, which is all about turning data into measurable experience improvements. Honestly, the numbers coming out of their late 2025 reporting show a clear focus on recurring revenue stability.

Providing data-driven insights to enhance patient and employee experiences is central. Their 2025 Experience Perspective research shows that when patients highly trust their provider, they are 300% more likely to recommend that organization. Furthermore, the data suggests that employees who trust their organization are 15 times more likely to recommend it as a place to receive care. This directly links experience quality to market reputation and workforce stability.

Improving patient loyalty and driving revenue growth for health systems is the financial outcome of that trust. For the third quarter ending September 30, 2025, National Research Corporation (NRC) reported total revenue of $34.6 million, growing 2% quarter-over-quarter. The Total Recurring Contract Value (TRCV) finished at $141.7 million, marking an 8% year-over-year increase, which was their strongest growth since 2020. This momentum is supported by tangible wins, such as a TRCV expansion over $1 million with a top-50 system and two cross-sells approaching $1 million each. They also managed to reduce TRCV losses and down sells by nearly 50%.

Here's a quick look at the financial health underpinning these value drivers as of Q3 2025:

Metric	Value (Q3 2025)	Year-over-Year Change
Total Revenue (TTM)	$139.10 million	Down -3.51%
Adjusted EBITDA	$10.9 million	Up 11%
Adjusted EBITDA Margin	31%	Expanded ~4 percentage points from Q3 2024
Total Recurring Contract Value (TRCV)	$141.7 million	Up 8%

The value is delivered through offering a unified platform for patient, consumer, and workforce engagement. This platform is explicitly built around three core pillars of differentiation: insights, engagement, and enablement. This holistic approach helps clients better understand and respond to the experiences of all key stakeholders. This focus on comprehensive experience management earned NRC Health the 2025 Best in KLAS Award for Healthcare Experience Management.

Benchmarking client performance against over 1,600 hospitals and 12,000 care sites provides the necessary context for improvement. This extensive dataset allows clients to compare their performance metrics, such as HCAHPS results, against a massive peer group. For instance, Inpatient Preview Reports for data refreshed through Q4 2024 were available through the HQR Portal until December 23, 2025, allowing for timely goal setting before the January 2026 public reporting refresh. This level of comparative data is defintely crucial for setting achievable, market-relevant targets.

The core value propositions translate into tangible client actions:

• Gain insights from millions of patient/consumer feedback points.
• Improve employee trust metrics by 15 times recommendation likelihood.
• Drive revenue growth via TRCV expansion deals exceeding $1 million.
• Benchmark against over 12,000 care sites for context.
• Achieve 31% Adjusted EBITDA margins on Q3 2025 revenue.

Finance: draft 13-week cash view by Friday.

National Research Corporation (NRC) - Canvas Business Model: Customer Relationships

You're looking at how National Research Corporation (NRC) keeps its healthcare system clients locked in and driving value from their subscription contracts. The focus here is definitely on long-term commitment, which makes sense given their Total Recurring Contract Value (TRCV) is the key forward-looking metric.

Dedicated account management for long-term, subscription-based contracts

The entire model hinges on those renewable contracts, which totaled $141.7 million as of Q3 2025. Management views this TRCV as the leading indicator of recurring revenue for the next 12 months. The commitment to these long-term relationships is evident in the strong retention figures they achieved through Q3 2025, which is what keeps that TRCV base solid.

Here's a snapshot of the relationship health metrics as of late 2025:

Metric	Value (as of Q3 2025)	Context/Comparison
Total Recurring Contract Value (TRCV)	$141.7 million	Up 8% year-over-year
TRCV Losses and Downsales Reduction	Nearly 50% reduction	Achieved by the customer strategy team over the past year
Net Retention Rate	Highest since 2020	Reflects strong upsell/cross-sell and low losses
Quarterly Customer Expansion Activity	Best in six years	Driven by cross-sell and upsell efforts

That recent expansion activity included an over $1 million TRCV expansion with a top 50 health system, plus two nearly $1 million cross-sells. That's concrete proof of deepening partnerships.

High-touch, consultative service to interpret data and implement best practices

NRC Health doesn't just drop off data; they position themselves as an integral part of the client's improvement cycle. They talk about their 'differentiating service and client success we deliver day in and day out'. This high-touch approach is supported by the resources they dedicate to service delivery. For instance, direct expenses, which cover much of the service delivery and implementation costs, were reported at $12.974 million in Q2 2025. The CEO noted that new clients chose NRC based on the 'depth and integration of our capabilities and the human centered nature of our customer service model'.

Fostering authentic partnership to drive continuous improvement

The language used by management consistently points toward a relationship built on trust and partnership, not just vendor status. They earn trust through 'authentic partnership, exceptional service, and unmatched expertise'. This philosophy directly translates into the financial outcomes you see in the retention table above. When customers feel like partners, they don't churn, and they expand their usage. The goal is to help healthcare organizations 'better understand, anticipate, and respond to the experiences of their patients and employees'.

Key elements of this partnership focus include:

• Emphasizing the human centered nature of the service model.
• Focusing on operational priority one: delivering excellence in client partnership.
• Driving data-driven decisions that lead to smarter investments for the client.

Annual client conference (HUB26) for community and thought leadership

Community building and thought leadership are cemented through flagship events. While the most recent event in late 2025 was HUB25, held October 15-17, 2025, in Orlando, the next major gathering, HUB26 | Human Understanding Beyond, is set for September 2-4, 2026, in Nashville. The submission window for speakers for HUB26 closes on January 12, 2026. These events are designed to inspire leaders around core themes like community engagement, consumer experience, and employee experience, reinforcing NRC Health's position as an industry thought leader.

National Research Corporation (NRC) - Canvas Business Model: Channels

You're looking at how National Research Corporation (NRC) gets its subscription-based analytics and insights to healthcare executives. The channels are a mix of high-touch human interaction and scalable cloud delivery, which is key to their recurring revenue model.

Direct sales force engagement with healthcare executives

The direct sales force is central to landing and expanding the subscription base, which is reflected in the strong forward-looking metrics. The sales team reorganization in 2025 has been a focus area, aiming to improve win rates and the average deal size. You saw evidence of this in the Q3 2025 results where cross-sell/upsell activity was noted as the best quarterly customer expansion activity in six years. The company also made strategic acquisitions to bolster its direct offering; for instance, the purchase of Nobl, Inc. in August 2025 for $7 million was specifically aimed at strengthening real-time feedback capabilities. New client wins contributed $419,000 in revenue during Q2 2025, showing the direct sales channel is converting pipeline into booked business.

The success of this channel directly impacts the Total Recurring Contract Value (TRCV), which hit $141.7 million as of Q3 2025, growing 8% year-over-year. That's the number management watches closely. Honestly, the entire business is built on converting these executive relationships into long-term contracts.

Cloud-based software platform for solution delivery and client access

The delivery mechanism is almost entirely a cloud-based software platform, which supports the subscription revenue stream. This platform is where healthcare systems access the analytics and insights needed to measure and improve patient and employee experiences. The high gross profit margin, likely north of 60%, is a direct result of this scalable delivery model. Client access is controlled and secure, as evidenced by the login portals that restrict access to authorized users only, acknowledging the presence of Protected Health Information (ePHI) in some reports.

Here's a quick look at the subscription health metrics that this channel underpins:

Metric	Value (as of Q3 2025)	Context
Total Recurring Contract Value (TRCV)	$141.7 million	Leading indicator of next 12-month subscription revenue.
TRCV Year-over-Year Growth	8%	Strongest growth since 2020.
Net Retention Rate	Highest since 2020	Indicates existing clients are sticking around and expanding.
Q3 2025 Revenue	$34.6 million	Total revenue for the quarter.

Digital solutions like nGage and MyStory for real-time feedback

NRC Health uses specific digital tools to capture data across the patient journey, moving beyond traditional surveys. These tools are integrated into the platform for real-time insight generation. For example, nGage is used for cross-journey conversational listening, capturing CAHPS and real-time feedback. Then there's MyStory, which integrates patient-generated contextual data directly into the Electronic Health Record (EHR). The company is also pushing next-generation AI-enabled products, like those powered by Huey™, to create a more natural way to collect and analyze feedback. One client, UCI Health, used real-time data from NRC Health to address communication gaps.

The digital suite also includes:

• nQuire: AI-powered smart feedback using natural language prompts.
• Rounding: Intelligent and predictive rounding conversations.
• nAct: Assisted service recovery that delivers outcome layers with empathy.
• Compliment Sharing: Quick sharing of positive patient feedback with care teams.

Industry events and thought leadership content (reports, webcasts)

Thought leadership content serves to establish National Research Corporation (NRC) as the authority in the healthcare experience space, which supports the sales channel by generating awareness and credibility. The company published its 2025 Experience Perspective report, which focuses on the evolution of trust in healthcare, combining executive expertise with feedback from millions of patients and consumers. They also promote their annual flagship experience management event, HUB26 | Human Understanding Beyond, scheduled for September 2-4, 2026. Management has also been active in direct communication, with introductory calls for the new CEO held on June 9 and 10, 2025, and an earnings call held on October 28, 2025, to discuss the Q3 results. The company also offers webcasts and case studies as part of its content strategy.

Finance: draft 13-week cash view by Friday.

National Research Corporation (NRC) - Canvas Business Model: Customer Segments

You're looking at National Research Corporation (NRC) and trying to map out exactly who is paying for their experience improvement solutions as of late 2025. Honestly, the customer segments are clearly defined by the healthcare ecosystem's need for data-driven insights to manage patient and employee trust.

The entire business model hinges on securing and growing the Total Recurring Contract Value (TRCV), which, as of the third quarter of 2025, stood at a strong $141.7 million, up 8% year-over-year. This value is spread across the core groups we need to focus on.

Large US Hospitals and Integrated Health Systems (the top 400 largest are the sweet spot)

This group represents the bread and butter for National Research Corporation. They are the primary users of the analytics and insights designed to elevate patient experience and workforce engagement across complex, multi-site operations. While I don't have the exact count of the top 400 systems currently under contract, the focus on this tier is clear because they have the most significant financial stakes tied to quality metrics and patient satisfaction scores.

The market they operate in is massive. In 2024, the broader patient engagement solutions market was valued at USD 25.0 billion, and healthcare providers accounted for a 54.06% share of that. This suggests the potential for growth within this segment is still substantial, even for an established player like National Research Corporation.

Long-term care and post-acute care facilities

This segment is critical because experience measurement extends beyond the acute hospital setting. National Research Corporation's solutions are used to measure and improve experiences in these specialized settings, which often face unique regulatory and satisfaction pressures. The company's history includes work in performance measurement tools that directly apply here, helping these facilities manage community perceptions and patient loyalty.

Healthcare Payers and managed care organizations

Payers are an increasingly important segment. They need the same level of insight into the consumer experience to manage risk, guide members to high-quality providers, and succeed in value-based care arrangements. National Research Corporation provides analytics and insights that facilitate revenue growth for payers by helping them understand patient engagement and satisfaction across their networks.

Healthcare executives focused on quality, patient safety, and finance

This group represents the key decision-makers and budget holders across the other segments. They are the ones driving the investment in solutions that bridge silos between brand, consumer, patient, and employee experience. The focus on trust, as highlighted in the 2025 Experience Perspective, speaks directly to the C-suite concerns regarding reputation and financial performance. The company's Q3 2025 Adjusted EBITDA margin of 31% shows that the subscription model is attractive to finance leaders who value predictable, high-margin recurring revenue.

Here's a quick look at the financial context supporting the value proposition to these segments as of Q3 2025:

Metric	Value (as of Q3 2025)	Context
Total Recurring Contract Value (TRCV)	$141.7 million	Leading indicator of future subscription revenue.
Total Revenue (Q3 2025)	$34.6 million	Quarterly top-line performance.
Trailing Twelve Months (TTM) Revenue	$139.10 million	Broader view of revenue over the last year.
Cash Flow from Operations (Q3 2025)	$13.8 million	Surged 46% year-over-year, showing strong cash generation.
Quarterly Dividend	$0.16 per share	Represents a 33% increase, signaling management confidence.

The company's success in reducing TRCV losses and down-sells by nearly 50% over the past year is a direct result of strengthening relationships with these core customer groups through superior service and client success efforts.

You'll want to track the cross-sell and upsell momentum, which contributed to the TRCV growth during the quarter. If onboarding takes 14+ days, churn risk rises, so the efficiency of the customer success organization in embedding these solutions is key to retaining the value tied to these segments.

Finance: draft 13-week cash view by Friday.

National Research Corporation (NRC) - Canvas Business Model: Cost Structure

High fixed costs associated with R&D for platform and AI development.

Significant investment in sales force expansion and marketing.

Compensation and data processing costs for analytics and service delivery.

Operating expenses were reduced by 6% year-over-year in Q1 2025.

You're looking at where National Research Corporation (NRC) is spending its capital to maintain and grow its analytics platform and service delivery. The cost structure shows a clear push toward growth in sales capacity, while management has been focused on efficiency in other areas.

Cost Component	Period	Amount/Metric	Context/Detail
Selling, General, and Administrative (SG&A) Expenses	Q2 2025	$17.7mm	Ballooned 58% Year-over-Year (YoY)
Direct Expenses	Q2 2025	$13.mm	Fell 3% YoY
Direct Expense Ratio	Q2 2025	15% of Revenue	Ratio remained flat despite revenue downsides
Operating Expenses Reduction	Q1 2025	6%	Year-over-year reduction
Revenue	Q1 2025	$33.551 million	Top-line figure
Net Income	Q1 2025	$5.787 million	Profitability metric

The acceleration in sales force expansion in Q1 2025 suggests a corresponding increase in variable compensation and marketing spend to drive new client wins, which was noted as a positive driver for Total Recurring Contract Value (TRCV) growth.

• Sales Force Expansion: Accelerates in Q1 2025.
• Executive Compensation: Cited as a primary driver for the YoY increase in SG&A in Q2 2025.
• Automation Initiatives: Contributed to the slight decrease in Direct Expenses in Q2 2025.
• Dividend Declared: Quarterly cash dividend of $0.12 per share declared in April 2025.

To be fair, the significant rise in SG&A to $17.7mm in Q2 2025, largely due to non-recurring executive compensation, masks the underlying efficiency efforts, such as the 3% drop in direct expenses.

The cost structure is currently being managed with a focus on efficiency, as evidenced by the 6% operating expense reduction in Q1 2025, even as the company aggressively invests in its revenue-generating engine.

Finance: draft 13-week cash view by Friday.

National Research Corporation (NRC) - Canvas Business Model: Revenue Streams

You're looking at the revenue side of National Research Corporation (NRC) and seeing a model heavily weighted toward long-term commitment. The foundation of the revenue streams is definitely the recurring subscription fees for platform access. This is the engine that drives visibility into future performance, best measured by the Total Recurring Contract Value (TRCV).

As of the third quarter of 2025, the TRCV, which management views as a projection of subscription revenue for the next 12-month period, hit $141.7 million. This figure represents an 8% year-over-year increase, marking the strongest TRCV growth National Research Corporation has seen since 2020. This strong forward indicator suggests the core platform access revenue is resilient and growing.

For the immediate period, the total revenue reported for the third quarter of 2025 was $34.6 million. This was a 2% increase sequentially from the prior quarter. While the business is subscription-centric, revenue also comes from advisory services and custom research projects, which are embedded in the overall analytics and insights offering that healthcare systems use for experience improvement.

Here's a quick look at the key financial metrics surrounding that revenue for Q3 2025:

Metric	Amount (Q3 2025)
Total Revenue	$34.6 million
Adjusted EBITDA	$10.9 million
Adjusted EBITDA Margin	31%
Total Recurring Contract Value (TRCV)	$141.7 million
GAAP Net Income	$4.1 million

The commitment to shareholders is also a clear financial output. For the full year 2025, National Research Corporation returned a total of $28.1 million to shareholders through dividends and stock repurchases. This capital allocation strategy is supported by strong operational cash flow, which surged 46% year-over-year to $13.8 million in Q3 2025.

The capital return activities in Q3 2025 included:

• Repurchased 618,264 shares at an average price of about $14.99 per share.
• Declared a quarterly cash dividend of $0.16 per share, a 33% increase from the prior dividend.
• The weighted average fully diluted share count for the quarter was 22.1 million shares.